In the mean time: BP reports record $10 billion profit

LONDON (Reuters) – British oil major BP Plc (BP.L) may have marked the oil industry’s high point by reporting a record $10.0 billion third quarter replacement cost profit on Tuesday, as the recent collapse in crude prices ensures a tougher outlook.

Europe’s second-largest non-government controlled oil company by market value said the forecast-beating earnings showed a turnaround under Chief Executive Tony Hayward was delivering results.

BP shares were up 2.11 percent at 447.75 pence, retreating from opening highs at around 472 pence but still outperforming the DJ Stoxx European oil and gas sector index (.SXEP) at 4:58 a.m. EDT.

“They are particularly impressive results,” said Jason Kenney, oil analyst at ING in Edinburgh. “We will just have to see how long the oil price stays low or lower.”

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